Golf legend Jack Nicklaus not only won a $50 million defamation lawsuit against his former company, but he also seems to have driven it into bankruptcy.
On the tail of the golfer’s big court victory against his former company, Nicklaus Companies has announced that it is filing for Chapter 11 bankruptcy, the New York Post reported.
Nicklaus filed his lawsuit alleging that the company — with which he had parted ways in 2017 — had spread rumors that he had been courting a $750 million deal with the Saudi-backed LIV Golf league. The company also supposedly passed around claims that Nicklaus had dementia and was unable to manage his affairs.
Niklaus sued for defamation and ultimately won, with the jury ruling that Nicklaus Companies actively tried to push the two major false claims against Jack and to expose him to “ridicule, hatred, mistrust, distrust or contempt,” and awarded him $50 million.
Nicklaus also won his suit in 2024 to regain control of his own image, history, and likeness, while Nicklaus Companies could retain the right to sell merchandise and use the “Golden Bear” nickname, which was also a blow to the company.
In its bankruptcy filing, Nicklaus Companies listed estimated assets of $10 million to $50 million and liabilities of $500 million to $1 billion.
“We take this step to protect our brand, our client relationships, and—most importantly— our employees. We are dedicated to protecting the brand and continuing to offer the highest standard of service to our clients all over the world,” Nicklaus Companies CEO Phil Cotton said in a statement.
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